EURUSD Weekly Analysis – July 24, 2016

EURUSD remains in downtrend from 1.1616, the rise from 1.0911 is possibly be consolidation of the downtrend. Resistance is at the downward trend line on daily chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.0600 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.0911 already, then the following upward movement could bring price to 1.2000 zone.